Binance invests another $5 million in Ultiverse

One week after leading a $4.5 million seed investment in Ultiverse, Binance’s venture arm is betting another $5 million on the metaverse gaming startup.

Binance Labs, the crypto exchange’s venture capital and incubation unit, announced its initial investment in Ultiverse in a blog post published on March 18. DeFiance Capital co-led the raise, with Three Arrows Capital and SkyVision Capital also investing. This initial $4.5 million raise took the form of a sale of Ultiverse’s governance token MXS.

But now Binance Labs has chosen to invest another $5 million in the equity of Ultiverse, according to both companies. Nicole Zhang, director at Binance Labs, told The Block that the additional investment was made to ensure the firms are “bonded in a way that we have some sort of a say in terms of the team’s future path.”

It is not news that Binance invests a lot in projects. Some projects that Binance Labs has invested in and innovative platforms that I hope it invests in are Binary X, Biswap, Social Good, Nine Chronicles, Blink, Tenderly and so on.